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Monday, April 25, 2005

U.S. Minority Homeownership Hit an All-Time High During the First Quarter of 2005

April, 25 - Housing and Urban Development (HUD) announced that the Census Bureau released data today showing that minority homeownership hit an all-time high during the first quarter of 2005. The new quarterly record rate of 51.6 percent means that 15.7 million minority families now own their own homes.

There was also a new quarterly record for Hispanic homeownership. The rate of 49.7 percent means there are now 5.8 Hispanic homeowners in the United States.

Overall homeownership was also at an all-time high in the first quarter, with 74.5 million American families now owning their own homes.

"These new numbers, combined with news that sales of previously-owned homes were near record levels last month, show that housing is still a leader as our economy continues to improve. The Bush Administration is committed to building on these accomplishments so that people from every walk of life can have the opportunity to become homeowners," said Housing and Urban Development Secretary Alphonso Jackson. "The President's housing initiatives are paving the way for more Americans, particularly minorities, to achieve that dream."

Two years ago, President Bush challenged the nation to create 5.5 million new minority homeowners by the end of this decade. To date, there has been a net increase of 2.3 million minority homeowners, which represents 43 percent of the 5.5 million goal